In this video I talk about how I approach Growth hacking. Whilst growth hacking is about tools and techniques and trying to find hacks for many startups it is important to take a step back. That is you need to look at the big picture and search for opportunities where your value proposition has strength and the competition and the customer has weakness or a problem. If you don’t do this then however flawless your execution you will be in an expensive world of pain unless you are super lucky.
Thinking first, figuring out what you want to do and where you want to go saves you far more money and time than starting a PPC or content marketing campaign immediately
You have a product or service and you need customers
Wrong – Start marketing by identifying the best available channel and conducting small experiments
Right – Consider the value that you provide to customers and understand their needs and the competitors plans so that you can craft a way forward that hits the target cheaply. Then go back to the wrong hypothesis
Rationale for the Approach to Growth Hacking
A lot of my customers are solopreneurs and entrepreneurs who are bootstrapping. As a result they are often hugely product focused. In some cases they have worked on the products for years, or have even developed a whole solution for which they can’t identify a solution or target customer. This may seem really daft when I put it so bluntly. The truth is that the majority of startups I talk to fail somewhere in this space. The ones that have succeeded have often been lucky in their choice of strategy or so closely identified with their target customer that they make the right choices intuitively.
So stepping back and thinking about the marketing before you get started is really important. It can seem expensive and time consuming because mental models of entrepreneurship focus more on product management. The cost of not doing it is the empty baseball field or the new and improved mousetrap sitting on the shelves in the store.
- Look at the world from the customer’s perspective
- Check out your competitor’s value offering
- Check out the value that you are offering to customers
- Identify holes where the customer has a need but which competitors are not targeting with their marketing
- Start running experiments in the holes